Scotts Miracle-Gro arm invests $3.2M in marijuana ag-tech venture

What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state-by-state insights and benchmarks. Get the 2023 Factbook.

Ohio-based Scotts Miracle-Gro’s new marijuana investment subsidiary, The Hawthorne Collective, has made another deal.

The Collective invested $3.2 million in Washington state-based Dewey Scientific, a fledgling ag-tech endeavor that is seeking to boost the genetic diversity of cannabis crops in the Pacific Northwest.

That follows last week’s announcement that The Hawthorne Collective was making a $150 million strategic investment in Toronto-based RIV Capital, which is eyeing the U.S. cannabis market.

Scotts Miracle-Gro, a lawn and garden giant, said The Collective purchased a warrant to buy equity in Dewey, founded in 2018 by three Washington State University plant scientists.

Dewey, which combines genomics, data science and traditional breeding methods, plans to use the funds to expand its research and development activities.

Dave Swihart, Scotts Miracle-Gro senior vice president of global technology and operations, said in a news release that the company has been collaborating with Dewey Scientific for the past two years, “refining the breeding of hemp crops to advance crop yields and quality.”

“We’ve experienced firsthand the impact of their genomic breeding technologies,” he added.